Pet Tech Market Poised for 20.3 % Growth, Set to Hit $3.12 Billion by 2029

Which drivers are expected to have the greatest impact on the over the pet tech market's growth?
The pet tech market is projected to grow due to the rising trend of pet adoption. This term refers to taking over the responsibility of caring for a pet that was previously owned by another individual. Pet tech items are tools that pet owners employ to improve their pets' health, safety, and overall well-being. Taking January 2023 as an example, the Petfood Industry in the US reported a 1.2% increase in dog adoption figures, rising from 393,712 in 2021 to 398,477 in 2022, according to professionals in the pet food and treat manufacturing industry. Also, according to data, the adoption rate of cats in the U.S. rose by about 2% compared to the previous year, reaching 539,015 in 2022. This rising trend in pet adoption is attributing to the expansion of the pet tech market. The jump in disposable income is also a factor conducive to the growth of the pet tech market. Disposable income, or the money left after income tax, is available for individuals or households to save or spend. A rise in disposable income often leads to consumers' readiness to invest in high-quality and luxury pet tech products, leading to an increase in sales of durable technologies that have advanced features. For instance, in June 2022, the Bureau of Economic Analysis-a U.S. government agency-published a report showing that personal income rose by about 0.5% or $113.4 billion on a one-month basis in May 2022, while disposable personal income (DPI) also increased by $96.5 billion or 0.5%. Consequently, this spike in disposable income is driving the pet tech market's expansion.

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What is the future CAGR of the pet tech market, and how will it impact industry expansion?
The size of the pet tech market has seen fast expansion in the past few years. It's forecasted to rise from $6.28 billion in 2024 to $7.53 billion in 2025, boasting a compound annual growth rate (CAGR) of 19.9%. The previously witnessed growth can be credited to factors such as a rise in pet ownership, boosted e-commerce for pet products, heightened attention to pet health and wellness, increasingly urban and hectic lifestyles, and enhanced anthropomorphization of pets.

Anticipations suggest that the pet tech market will experience a massive surge in the coming years, expanding to a substantial $15.74 billion in 2029. The educated prediction points to a compound annual growth rate (CAGR) of 20.3%. The progress during this forecast period can be linked to factors such as the incorporation of AI and machine learning, the rise of telehealth services for pets, the development of intelligent pet home systems, an emphasis on environment and sustainability, and personalization of nutrition solutions. Noteworthy trends during this period encompass strategic collaborations with professionals within the pet industry, progressive leaps in wearable tech, intelligent feeding solutions, efficient ways to identify and track pets, and the propagation of telehealth and remote services offered by veterinarians.

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What are the most significant trends transforming the pet tech market today?
Major corporations in the pet tech market are centring their efforts on creating advanced innovations like the Minitailz GPS technology. These are aimed at improving pet health supervision and securing a strategic advantage in the industry. GPS technology enables pinpoint tracking of location via satellite signals. Take for example, Invoxia, a consumer electronics company based in France. They introduced the Minitailz Smart Pet Tracker, an Artificial Intelligence-powered wearable for dogs and cats, in January 2024. This multifunctional GPS tracker and health device checks breathing patterns and heart rates of pets, picks up irregularities in their behaviour and distinguishes between different activities like walking, running and eating. It can even diagnose atrial fibrillation in animals and provides in-depth health analyses via the associated app. The Minitailz even houses a SIM card equipped with GPS technology, facilitating tracking of physical activity and positioning of missing animals. Additionally, the device includes features such as crucial sign monitoring, atrial fibrillation identification, along with a pre-installed SIM for geofencing.

Which key market segments comprise the pet tech market and drive its revenue growth?
The pet tech market covered in this report is segmented -

1) By Type: Radio Frequency Identification (RFID), Global Positioning System (GPS), Sensors, Other Types
2) By Distribution Channel: Offline, Online
3) By Application: Identification And Tracking, Behavior Monitoring And Control, Facilitation, Safety And Security, Medical Diagnosis And Treatment
4) By End Use: Commercial, Household

Subsegments:
1) By Radio Frequency Identification (RFID): RFID Pet Tags, RFID Collars, RFID Microchips, RFID-Based Pet Identification Systems
2) By Global Positioning System (GPS): GPS Pet Trackers, GPS-enabled Pet Collars, GPS Pet Monitors For Activity And Location
3) By Sensors: Activity Sensors (Pet Fitness Trackers), Health Monitoring Sensors, Motion And Behavior Sensors, Environmental Sensors
4) By Other Types: Pet Cameras and Monitors, Smart Pet Feeders, Automatic Litter Boxes, Wearable Pet Devices

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What regions are at the forefront of pet tech market expansion?
North America was the largest region in the pet tech market in 2024. The regions covered in the pet tech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the leading players fueling growth in the pet tech market?
Major companies operating in the pet tech market report are Garmin Ltd., GoPro, Loc8tor Ltd., Nedap NV, Datamars, Tractive, Wag Inc., Invisible Fence, Scollar Inc., Avid Identification Systems Inc., DOGVACAY, PetPace LLC, Allflex Group, CleverPet, Petcube Inc., Konectera, Whistle Labs Inc., Furbo, iFetch LLC, Dogtra, IceRobotics, Fitbark, Link AKC, Pawscout Inc., Invoxia, Felcana, Actijoy Solution, Powbo Inc., All Home Robotics

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What Is Covered In The Pet Tech Global Market Report?

•Market Size Forecast: Examine the pet tech market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the pet tech market for a structured understanding.
•Key Players Overview: Analyze major players in the pet tech market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the pet tech market.
•Segment Contributions: Evaluate how different segments drive overall growth in the pet tech market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the pet tech market.
•Industry Challenges: Identify potential risks and obstacles affecting the pet tech market.
•Competitive Landscape: Review strategic developments in the pet tech market, including expansions, agreements, and new product launches.

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